posted by admin on Aug 25
Timing is an indespensable ingredient of asset protection The longer the time period between the lawsuit and the transfer the better. As much as possible, make all legal moves before you owe, anything to anybody. Ideally, if you already owe some debts, settle them as quickly as you can. Try to complete your asset protection plan at a time when you do not have any threatened or pending claims against you. Accumulated debts and liabilities will diminish your net worth. The same is true for any outstanding loans against your life insurance, motor vehicles, office furnishing and equipment and stocks. If you wish to engage in business, think of doing it through a business entity separate and independent from you. Doing business under a general partnership or co-ownership is a big threat to your financial health. you are better off insulating your personal assets by putting into corporations, trusts and limited partnerships the titles to your home, your urban and agricultural land, your bank deposits, stocks, bonds, mutual funds, motor vehicles and other investments.
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